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June 19, 2005

The Current-Account Deficit Continues to Widen

Not news, but still worth noting:

WSJ.com - U.S. Current-Account Deficit Hit $195 Billion in 1st Quarter: The Commerce Department said the current-account deficit totaled $195.1 billion in the January through March period, up from a revised $188.4 billion in the fourth quarter of 2004. The shortfall was equal to 6.4% of U.S. gross domestic product. 'Barring a growth miracle outside the U.S., or a slump in U.S. demand that does not spill over to the rest of the world (neither of which seems very likely in the near term), the U.S. current account deficit seems destined to continue to widen,' Joshua Shapiro, chief U.S. economist at MFR Inc.

Posted by DeLong at June 19, 2005 10:30 PM